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News Breaks
July 11, 2014
12:08 EDTRAI, ITYBY, LO, BTILorillard jumps after confirming buyout talks with Reynolds
Cigarette makers Lorillard (LO) and Reynolds American (RAI) confirmed earlier today that they are holding talks about a possible acquisition of Lorillard by Reynolds. Wells Fargo predicted that the deal could be announced as soon as today or early next week. WHAT'S NEW: Lorillard and Reynolds American are holding discussions about a potential acquisition of Lorillard by Reynolds, the two companies stated this morning. The U.K.'s Imperial Tobacco (ITYBY) said that it had held talks with Lorillard and Reynolds about buying assets from them. British American Tobacco (BTI), which has a 42% stake in Reynolds, expects to buy additional shares of Reynolds if the latter company acquires Lorillard, Reynolds reported. The British company would maintain its existing stake in Reynolds if it does buy Lorillard, Reynolds added. ANALYST REACTION: In a note to investors earlier today, Wells Fargo predicted that an acquisition of Lorillard by Reynolds could be announced as soon as today or early next week. The firm continues to believe that there is a 90%-plus chance of the deal taking place. Wells expects Reynolds to pay a 20% premium to Lorillard's closing price yesterday of $63.09. It reiterated Outperform ratings on both names. PRICE ACTION: In late morning trading, Lorillard climbed 4% to $65.50 and Reynolds fell 2% to $61.
News For LO;RAI;BTI;ITYBY From The Last 14 Days
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January 21, 2015
09:37 EDTLOLorillard to host special shareholder meeting
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09:32 EDTRAIReynolds American to host special shareholder meeting
Special shareholder meeting to approve the issuance of shares of common stock to Lorillard shareholders as consideration in the merger of the two companies will be held on January 28 at 9 am.
January 20, 2015
10:44 EDTLO, RAIWells sees tobacco stocks as 'place to be' for 2015
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07:21 EDTLO, RAIWells Fargo calls Tobacco 'place to be,' upgrades Altria Group
Wells Fargo calls the U.S. Tobacco sector the "place to be" in consumer staples in 2015. Wells lists positive catalysts for the group as stronger pricing power, protection from currency risk and upside potential from e-cigarettes. The firm says Reynolds American (RAI) remains its top pick and it raised its price target range for shares to $79-$81 from $69-$71. Wells upgraded Altria Group (MO) to Outperform from Market Perform with an increased price target range of $56-$58. The firm also has an Outperform rating on Lorillard (LO). Wells has a "high conviction" that Reynolds' deal with Lorillard will be approved by the FTC in March or April.

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